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Major Japanese dairy company producing milk, yogurt, infant formula and functional dairy ingredients.
Major Japanese dairy company producing milk, yogurt, infant formula and functional dairy ingredients.
Sells everyday dairy products in Japan, and earns more on branded yoghurts and nutrition products built around its own Bifidobacteria research. It supplies probiotic strains to other food makers as ingredients. Also sells Mori-Nu tofu in the US through a subsidiary.
In one line: Japan's Dean Foods/Danone for dairy.
Moat: narrow (brand, IP / patents, scale). Established dairy brand plus proprietary probiotic (Bifidus) research and ingredient IP.
Headquarters: Tokyo, Japan · Founded: 1917 · Employees: 7,345
Size Morinaga Milk Industry (2264.T) is a Japan Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $2.21B, the 456th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,078 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against -2.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +6.6%); the operating margin is 6.2% (peer median 4.6%).
Valuation It trades at 14.4× forward earnings against a peer median of 17.4× (8th cheapest of 19).
Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥575B | ¥571B | ¥561B | ¥547B | ¥526B |
| Revenue growth | — | +2% | +3% | +4% | — |
| Gross profit | ¥145B | ¥143B | ¥135B | ¥132B | ¥118B |
| EBITDA | ¥60.1B | ¥58.4B | ¥54.3B | ¥51.5B | ¥45.4B |
| Net income | ¥22.4B | ¥22.6B | ¥5.46B | ¥61.3B | ¥16.9B |
| Free cash flow | n/a | -¥4.28B | -¥44.7B | ¥23.4B | -¥205M |
| Capital expenditure | n/a | ¥40.0B | ¥32.2B | ¥33.1B | ¥19.6B |
| Total debt | ¥133B | ¥123B | ¥105B | ¥96.7B | ¥111B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Morinaga Milk Industry 2264.T | $2.21B | -9% | +2% | 6% | 14.4× | n/a |
| MEGMILK SNOW BRAND 2270.T | $1.36B | +12% | 0% | 3% | 7.5× | n/a |
| Meiji 2269.T | $7.35B | +14% | +4% | 8% | 17.2× | n/a |
| Yakult Honsha 2267.T | $5.15B | +3% | -1% | 9% | 17.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2264.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +0.5% | 7th highest of 21 |
| 6-month return | -9.2% | -2.0% | 6th lowest of 20 |
| Distance from 52-week high | -21.2% | -18.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +1.9% | +6.6% | 9th lowest of 21 |
| Operating margin | 6.2% | 4.6% | 8th highest of 21 |
| Forward P/E | 14.4× | 17.4× | 8th cheapest of 19 |
| ROIC minus cost of capital | +1.5 pp | -0.9 pp | 7th highest of 21 |
| EV / EBITDA | 7.4× | 9.3× | 4th cheapest of 16 |
| Net debt / EBITDA | 1.6× | 1.8× | 8th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Morinaga Milk Industry 2264.T | Japan | $2.21B | -9% | +2% | 6% | 14.4× | n/a | n/a |
| New Hope Dairy 002946.SZ | China | $2.22B | -13% | +7% | 9% | 17.6× | 1.9% | +10.7% |
| China Youran Dairy 9858.HK | Hong Kong | $2.15B | -4% | +7% | -2% | 8.0× | 17.8% | +11.1% |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| Milky Mist Dairy Food MILKYMIST.NS | India | $2.42B | n/a | +34% | 8% | 79.2× | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Hatsun Agro Product HATSUN.NS | India | $2.52B | +8% | +18% | 5% | 49.8× | 25.4% | +12.4% |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Leroy Seafood LSG.OL | Norway | $2.74B | -2% | +1% | 6% | 14.6× | 7.7% | +11.5% |
| Bakkafrost P/F BAKKA.OL | Norway | $2.77B | +4% | +7% | 14% | 23.1× | 9.5% | +10.1% |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| China Feihe 6186.HK | Hong Kong | $3.16B | -20% | -4% | 15% | 11.8× | -14.7% | -1.2% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Nh Foods 2282.T | Japan | $3.40B | -10% | +7% | 3% | 14.0× | n/a | n/a |
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Cranswick CWK.L | United Kingdom | $3.94B | +7% | +10% | 8% | 17.2× | 5.7% | +9.5% |